EverythingForex

QUICK UPDATE: USDCAD: Still In Consolidation. Expanding Triangle

FX:USDCAD   U.S. Dollar/Canadian Dollar
676 2 14
Anybody looking to try to trade this pair needs to stay their hand! It is still in consolidation and is looking to complete an expanding triangle pattern. After which, we may see the wave 5 up. But for now, SIT ON YOUR HANDS!

WAVE COUNT
Just to remind everyone who reads my gibberish, I'm still holding to my wave count that says this pair still needs another push north before dropping in wave (c) down.

PATTERNS
That POSSIBLE Cypher is still looking valid and prices if going up in the wave 5, could still form it's C point before dropping. If it does, then the completion of the cypher will lead to a larger wave up to maybe complete the larger crab pattern .

MY TRADE PLAN
I am waiting for prices to complete that expanding triangle pattern leg E before deciding if I will take a LONG position to catch that wave 5 up. For now, still waiting....

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Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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If trading the USD/CAD it is recommended to have an eye on a few other items.First would be to always have the other half of the trade on a chart (DXY or USDOLLAR),second would be to have USOIL on a chart.These two first items are free to anyone.The oil trade at particular times is driving CAD.Next,is if you look at technical indicators it is nice to take the advice from what is called "Currency Strength".This is not using MACD,RSI etc. due to the lag.A free currency strength indicator is available through James Edwards at completecurrencytrader.com.His MT4 version can be bought now for a mere $10.Another currency strength indicator or meter as it is sometimes called is also through Mark Boardman at forextradermark.com.Mark's is only available to be installed on MT4.But I use Accustrength, which I find the best of the best.Even though I am a long term fundamental trader,I would never trade a currency pair long or short on any time frame without looking at each currency separately.Sure,it's only part of my "toolbox" but I wouldn't trade without it.It keeps me on the right side.For disclaimer,I never take a trade directly by a currency strength indicator.It is only good advice.My trades are always put on through economic research,combined with looking at a number of other items in order to establish a probability of success.Nothing is 100% except for one man,and I can't walk on water.
Reply
EverythingForex PRO RobertHerdman
a year ago
Thanks for the comment. But, IMHO, it is not necessary to trade successfully with such complexity. Over complicating matters is the thing that leads to mass confusion and paralysis of analysis. KISS principle overrides all. Price action is the only indicator of importance. No lag whatsoever. Everything else is dependent on past history and algorithm written by someone. Simplicity is key. Although the RSI indicator is on my chart, it is for reference and does not play a large part in taking or breaking my trades. I'm sure your indicators are of good use to your method of trading but they would not fit into mine. Maybe it can be of use to others if they choose to load up their charts with indicators but I prefer clean and simple. Thanks for the suggestions though. But I do agree that keeping an eye on oil as an indicator commodity for trading this pair is a good idea. Which of course, I do.
+1 Reply
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